In December, Market Insights noted how money was shifting away from large, well-known companies to smaller and less-known companies.
Pinterest (PINS) announced yesterday it would issue 75 million shares for $15-17 each. Based on its 529 million share count, that translates into an overall valuation of $7.9 billion to $8.9 billion. The number immediately raised eyebrows because PINS was valued around $12 billion in the private market 22 months ago.
The Market Vectors Semiconductor ETF (SMH) is up about 7 percent in the last week, making it the best-performing major fund in the entire market. Its sharp gains so far in April also put it on pace for its best month in over a decade.
The Golden Dragon Index ($HXC) has surged 9 percent in the last month and is up 28 percent so far in 2019. That’s more than twice the gains of the Nasdaq-100 and SPDR Technology Fund (XLK) over the same periods.
The first major theme was a rebound in beaten down social-media stocks
Facebook (FB) and Snap (FB). Both showed signs of repairing different kinds of problems plaguing their businesses. FB’s big achievement was to keep drawing advertiser dollars – especially from its new Stories format and video service.
The S&P 500 rose less than 0.1 percent between Friday, February 1, and Friday, February 8. It was only the sixth and smallest advance in the last seven weeks, following the index’s sharp rebound in January. The index also had its narrowest weekly trading range (just 57 points) since late September.
The S&P 500 rose 1.6 percent between Friday, January 25, and Friday, February 1. It was the fifth gain in the last six weeks, with every major sector and index moving higher.